Vodafone has completed the sale of an additional 10% stake in Vantage Towers for EUR 1.3 billion (USD 1.4 billion), aligning its ownership in the group managing European mobile phone masts with that of infrastructure investors.
This transaction marks the final step of a 2022 agreement in which Vodafone announced plans to sell a portion of its Germany-based masts company to Global Infrastructure Partners (GIP) and KKR, aiming to generate funds to decrease its debt.
Vodafone announced that the latest sale yielded EUR 1.3 billion (USD 1.4 billion), bringing the total proceeds from the Vantage Towers transactions to EUR 6.6 billion (USD 7.2 billion).
Oak Holdings, the partnership co-controlling Vantage Towers, acquired the 10% stake. As a result, Vodafone indicated that Oak Holdings now holds 89.3% of Vantage Towers, while Vodafone’s effective ownership stands at 44.7%.
According to the company, the proceeds from the recent sale will reduce net debt by 0.1x, aligning with Vodafone’s goal of operating within the lower half of its leverage range of 2.25x to 2.75x.
Further Analysis
Vodafone has been actively reshaping its European operations in 2024 with strategic divestments and partnerships. In March, Vodafone announced the sale of its Italian business to Swisscom, marking the beginning of a significant transformation. By June, the company had further streamlined its portfolio by selling its Spanish division to Zegona. Additionally, Vodafone expanded its collaborative efforts by welcoming Azerconnect Group into the Vodafone Partner Markets program. These moves underscore Vodafone’s ongoing strategy to optimize its presence and partnerships across Europe.
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